Questions from a newbie all-grain brewer

Just very recently got interested in brewing. I have been reading and purchased a 6.5 gallon bucket for fermenting along with some yeast, 5 oz. of Amarillo Hops(8%) and 5 pounds of grain.

I have yet to brew but want to jump into all-grain brewing right away. My question is, how much wort will the 5 pounds of grain yield. From then, how long would I have to boil the wort?

Like I said I am very new to brewing and am probably a good month away from my first batch, but any answers, advice, and recommendations are much accepted.

Well, 5 pounds will make 5 gallons of very low gravity beer (1.026), or 2.5 gallons of moderate gravity beer (1.052).

You will have to mash it first, and then it is up to you how much runoff you collect.

Typically boil for 60 minutes, you will boil off about 1 gallon of what you collected.

What type of malt did you buy? 5 pounds of one type only?

Welcome! You're in the right place. You need to read, read,read. Check out the wiki here, and the sticky threads at the top of each forum heading. Use the search button for any questions you have, and don't be afraid to post the questions you can't find answers to.
If possible, you should find a local brew club, and see if they have an upcoming brewday, or if one of them would let you help out on their next brewday. Hands on is the best way to learn.

As for your original questions, most homebrew batches are 5 gallons, so you will probably need more grain. Usually you will choose a recipe that matches your tastes, then shop for the needed ingredients. Check out the recipe index above for what is needed for any particular style.
Good luck.